Iron ore prices are poised for their largest weekly jump in over a year following China’s state-backed buyer, the China Merchants Group (CMRG), tightening import curbs on BHP Group’s products. The move, which targets BHP’s iron ore shipments, has disrupted supply chains and intensified market volatility. Analysts note this sharp shift reflects Beijing’s broader strategy to prioritize domestic mining operations and reduce reliance on foreign suppliers, particularly amid slowing steel demand and trade tensions.

Investors are closely monitoring how this policy pivot will ripple through global commodity markets and affect mining giants like Vale and Rio Tinto, who may face reduced export volumes.